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Lakeside Financial Group

COVID-19 Updates

Contact Us (503) 675-0700

Here is a link for a website that has federal, state, and local assistance all in one place.

https://connectedcouncil.org/covid19fundingfinder/?state=OR

Businesses, self-employed, independent contractors, and non-profits should visit the SBA website for links in applying for the Economic Injury Disaster Loan and/or the Paycheck Protection Program.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

LLC members, S-corporation owners, the self-employed and independent contractors who have lost their income should check out their state unemployment website as changes are being made on eligibility for unemployment benefits. 

 https://govstatus.egov.com/ORUnemployment_COVID19.

Extended filing and payment deadlines:

Federal

  • Individuals, calendar year-end trusts, estates and C Corporations:  The IRS filing deadline has been automatically extended to July 15, 2020.  Payments due on these returns are now also extended to July 15, 2020.  There is no interest or penalties due on 2019 tax payments made by July 15, 2020.
  • LLCs, Partnerships and S Corporations:  Those that did not file their return by March 16, 2020 have already had their filing deadline extended to September 15th, 2020.
  • Estimated tax payments for 2020:  The April 15th, 2020 estimated tax payment is now due July 15th.  The second estimated tax payment is still due June 15th, 2020.
  • The deadline for contributing to an Individual Retirement Account (IRA) and a Health Savings Account (HAS) for 2019 is July 15th, 2020.  

For more information on Federal deadlines go to: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

Oregon

Personal income taxes:

  • The Oregon return filing and tax payment due date for tax year 2019 is automatically extended to July 15, 2020.  There is no interest or penalties due on 2019 tax payments made by July 15, 2020.
  • Estimated tax payments for tax year 2020 are not extended.
  • The tax year 2019 six-month extension to file, if requested, continues to extend only the filing deadline until October 15, 2020.

Corporate Income/Excise Taxes:

  • Partnership/LLC returns have already been extended to September 15, 2020.
  • S Corporation and C Corporation returns and tax payments will be automatically extended to July 15, 2020.
  • Estimated tax payments for tax year 2020 are not extended. 

For more information go to: https://www.oregon.gov/newsroom/Pages/NewsDetail.aspx?newsid=36265

City of Portland

Business License Tax and Multnomah County Business Income Tax:

  • 2019 Business tax returns and tax payments due are automatically extended until 7/15/2020.
  • The tax year 2019 six-month extension to file, if requested, continues to extend only the filing deadline until October 15, 2020.
  • Estimated tax payments for tax year 2020 are not extended.

For more information on the City of Portland go to: https://www.portlandoregon.gov/revenue/article/757214

California

The Franchise Tax Board is postponing until July 15 the filing and payment deadlines for all individuals and business entities for:

  • 2019 tax returns
  • 2019 tax return payments
  • 2020 1st and 2nd quarter estimate payments
  • 2020 LLC taxes and fees
  • 2020 Non-wage withholding payments

For more information to go: http://www.taxes.ca.gov/

Arizona

Individual, corporate and fiduciary tax returns deadline has been extended to July 15th.  Late filing and payment penalties and interest will be suspended for all returns and payments received on or before that date.

For more information go to: https://azdor.gov/sites/default/files/PUBLICATION_GTN-20-1.pdf